FxWirePro: USD/CAD key resistance at 1.3101, upside prevails in the short term

 

• USD/CAD has consolidated to trade above 1.3000 levels after hitting daily lows yesterday. The pair is expected to continue its bullish bias further, as long as it trades above 1.3000 levels.

• The currency pair is trading at 1.3068 levels, the immediate support can be seen at 1.3047 (61.8% Retracement level) , break below this level will expose the pair to next support level at 1.3000 levels.

• Major resistance can be seen at 1.3100 (Aug 11^th high), break above this level will expose it to the 1.3150 handle.

Recommendation: Go long above 1.3050 with targets at 1.3100, 1.3150 SL 1.2940.

Resistance Levels

R1: 1.3100 (Aug 11^th high)

R2: 1.3110 (38.2% Retracement level)

 R3: 1.3148 (23.6% Retracement level)

Support Levels

S1: 1.3047 (61.8% Retracement level of 1.2941 to 1.3213)                                              

S2: 1.2993 (Aug 10^th lows)

S3: 1.3062 (July 27^th Lows)